November 21 2022
Identity checks are a mandatory part of the financial onboarding process, however many of today’s consumers are reluctant to travel into a branch, join a video conference call, or answer questions about a loan they took out 10 years ago to prove that they are who they claim to be.
UBS, the largest Swiss banking institution and the largest private bank in the world, is not unlike other financial institutions in this scenario. They are constantly evaluating ways to innovate current processes to improve customer experience, but they need to ensure that improving customer experience doesn’t increase risk. One of the most common business processes that financial institutions are looking to modernize is the onboarding process. For both financial institutions and customers alike, it is often a very manual and time-consuming process that relies heavily on in-person interactions. One of the unexpected consequences of the pandemic, however, has been that customers now feel entitled to a wide range of virtual services that had traditionally been performed in person.
UBS has embraced this sentiment, and with iProov, is now offering a service to onboard new customers online in a secure, fast, and convenient process. With iProov, UBS customers are now able to open an account online in minutes, thanks to automated identity verification.
In May 2022, UBS launched UBS key4 for clients who want to carry out their banking transactions at any time of day, entirely digitally. UBS key4 includes personal accounts, savings accounts, debit, and other cards, mobile payment options, and more. Using iProov face verification technology, UBS key4 customers can now onboard remotely 24/7 in only 5 minutes. Clients enroll onto the service simply by scanning their face against a trusted government-issued document, such as a passport with a NFC chip. UBS is the first bank in Switzerland to offer this process for account opening in combination with qualified electronic signatures.
Prior to partnering with iProov, UBS key4 relied on using video calls to verify client identity virtually.
Biometric face verification enables banks and other regulated firms to securely:
This modernizes the onboarding experience to provide a fully digital, fast, convenient service to users that:
But it is important to understand that not all face verification technology is created equal. Financial institutions require the highest levels of resilience to advanced threats and many biometric verification vendors cannot deliver. iProov is different because it offers:
Consumer demand for face biometrics as their preferred online verification and authentication method is already huge, and it’s growing. iProov’s Digital Identity Report found that:
Let’s imagine that a consumer wants to apply for a new financial institution’s account or credit card online. They start the application process on their smartphone, tablet, or computer and reach the stage where they need to prove their identity.
Some financial institutions might insist that the customer visits a physical location to confirm their identity and complete the application. Others might ask for an identity check via video call, where a customer service operator asks to see a customer’s ID document and checks it against their face. While others rely on knowledge-based identity checks, for example, asking the user to provide information about previous loans or mortgages, or other financial products.
Biometric face verification from iProov replaces all of the waiting, manual processing, user frustration, drop-offs, and security risks that are inherent in typical identity check methods.
Instead, the customer simply scans their trusted identity document using their smartphone, mobile device, or computer. Then they complete a brief ‘selfie’ of their face. iProov uses a simple multi-frame face scan using a sequence of colored lights to confirm that the customer is:
The identity verification process takes a matter of seconds and puts the customer in control of the whole journey.
Request a demo of iProov or read more about our work on biometric verification in the financial services sector.